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Activist finds New World links to Mei Foo project

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Fresh evidence has emerged to suggest that New World Development has close links with the high-rise project in Mei Foo Sun Chuen that has sparked a series of confrontations and legal rows with residents.

Dozens of company-search documents obtained by Chu Hoi-dick, an activist fighting against the 20-storey apartment block, show that the sole shareholder of Billion Star Development, the developer of the block, is closely connected with New World.

Since the sole shareholder - Billion Speed Investments, incorporated in the British Virgin Islands - had no ownership details available, Chu's search centred on another company that featured in 2002 as part of the decade-long dispute over the high-rise.

The company was Estoree Limited, which first proposed the high-rise on the Mei Foo site in 2002 and won a judicial review to include a street in the site-area calculations. Billion Speed bought the company in 2009.

The transfer of Estoree's shares came with the appointment of four new directors, two of whom were related to New World. Rosa Cheung Yuen-man, an accountant, sits on several charity foundations with former New World chief Stewart Leung Chi-kin, including the Cheng King Yee Education Foundation.

Another Estoree director, Yam Yuen-tung, is also director of New World principal subsidiary All Speed Investment.

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